Xenia Hotels & Resorts Inc.

Xenia Hotels & Resorts, Inc. (NYSE: XHR) owns luxury and upper-upscale hotels and resorts operated by third-party managers. At September 30, 2026, it owned 29 properties with 8,783 rooms across 22 markets in 14 states.

A broader hotel recovery

Third-quarter revenue per available room, or RevPAR, increased in 21 of the 22 markets, based on our count of Xenia's market table. Savannah declined 3.2%; Philadelphia, New Orleans and San Diego grew more than 20%.

Hotel EBITDA excludes interest, income taxes, depreciation, amortization and corporate costs, with portfolio adjustments. Adjusted EBITDAre additionally reflects the company's corporate expense base. Funds from operations add back real-estate depreciation and remove selected property gains and impairments; adjusted FFO also removes items including share compensation and loan-cost amortization. The adjusted per-share measure includes vested operating-partnership units as well as common shares.

What changed in the outlook

Xenia now expects full-year comparable RevPAR growth of 7.75%–8.25%, versus 4.75%–6.25% in July. The adjusted EBITDAre range rose to $278 million–$284 million from $267 million–$279 million. Adjusted FFO per diluted share rose to $2.08–$2.14 from $1.96–$2.08.

The prior guide remained in Xenia's September investor presentation, which already reported July RevPAR growth of 11.7% and August growth of 8.6%. The November report adds the completed quarter, a roughly 8% October estimate and the annual upgrade.

Both July and November annual growth forecasts use the 29-hotel portfolio after the RiverPlace disposal. Older June operating statistics used 30 hotels; the latest historical tables recast that earlier period for the current portfolio.

Projects, cash and debt

The capital-expenditure range narrowed to $70 million–$75 million from $70 million–$80 million. Xenia completed the Royal Palms Monte Vista guest-room and restaurant renovation planned in July. Andaz Napa and The Ritz-Carlton, Denver renovations are scheduled to begin in early December. Estimated annual earnings disruption remains approximately $1 million.

Consolidated operating cash flow reached $167 million for nine months, versus $155.1 million a year earlier. Cash capital expenditures were $47 million, versus $70.7 million.

September cash and equivalents were $161.4 million, with another $84.9 million of restricted cash and escrows. The $500 million revolving credit line was undrawn. Debt had a $1.359 billion carrying amount, compared with $1.423 billion at year-end. The next mortgage maturity is approximately $102 million in May 2027.

The $11 million RiverPlace sale closed in July and was already public in the prior quarterly report. Its $38.8 million impairment was recognized in June. That charge and the absence of a prior-year property-sale gain help explain the nine-month common-shareholder loss despite higher adjusted hotel earnings.

Xenia made no program share repurchases or ATM share sales in Q3. It reported $97.5 million of unused buyback authority and $200 million of ATM capacity. The report on the breadth of Xenia's hotel growth explains the operating improvement behind the higher forecast.